Accounting help! Treasury Stock Transactions!?

Marcel Then: Aug 30DR Treasury Stock 735,000 (17,500 x 42)CR Cash 735,000Oct 31DR Cash 630,000 (14,000 x 45)CR Treasury Stock 588,000 (14,000 x 42 original cost)CR Paid-In Capital - Treasury Stock 42,000 (14,000 x (45 - 42))Nov 10DR Cash 96,000CR Treasury Stock 84,000 (2,000 x $42 original cost)CR Paid-In Capital - Treasury Stock 12,000 (2,000 x (48 - 42))Dec 31 balances:Treasury Stock 63,000 (1,500 shares @ $42) reported as reduction to stockholders equityPaid-In Capital - Treasury Stock 56,000...Show more

Dalila Yoon: Which treasury, your manufacturer's or the united states treasury? Your institution had $eight per share gather on 1,200. When you inform the IRS of the transaction the $9600 perhaps taxed at you ordinary earnings fee, due to the fact you haven't held it prolonged enough to get capital reap cost. Your company will nonetheless have 800 shares dropped at your treasury. That's headquartered on LIFO stock transactions.